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Mortgage deals get pulled A number of banks and building soci- eties have withdrawn mortgage deals after a fall in the pound led to forecasts of another rise in interest rates.
the products we offer in light of market conditions.' According to Moneyfacts' finance expert Rachel Springall, 'the upheav- al in the mortgage market may cause frustration among both borrowers and brokers as they see deals disappear overnight.' The overnight reduction in deals comes alongside the news that house prices are expected to fall by a third, leading to a highly turbulent market and uncer- tainty of what will come. Only the most adaptive and responsive lenders will be able to react quickly to further changes on the horizon.
In just 24 hours, nearly 1000 mortgage deals were pulled, including by some of the biggest lenders like HSBC, Bank of Ireland, Santander, and Post Office Money. In a statement, Santander said: 'We will be removing our 60% and 85% loan to value products for new customers and increasing other rates for new and existing customers from 10pm this evening.' They added, 'customers who have already applied by this time will not be impacted. We continually review
Can't pay? Won't pay. Hundreds of thousands of people have joined a civil disobedience movement as energy prices in the UK rise once again.
The movement, Don't Pay UK, has almost 200,000 pledges, and claims to take action when the signatories reach 1 million. The original target of the campaign was for participants to cancel their energy bill direct debits on 1st October, when the price cap rise is due to take place. However, the mile- stone of 1 million was not reached so, instead, a national day of action will go ahead, with protests, rallies and stalls in many major cities. The campaign demands a reduction in energy bills to an affordable level, as many households struggle with the cost of living crisis. Organisers claim that the movement has already enacted positive change, with newly elected Prime Minister announcing a new cap of £2,500, which will be in place for the next two years.
With the movement still gaining momentum, debt and financial advi - sors are urging people to ensure they are fully informed about the risks of not paying their bills, including an impact on their credit score and increased long-term debt.
Those who cancel their direct debits could be put on a prepayment meter, charged extra or, in extreme cases, have their energy cut off altogeth- er. The government has condemned the movement, calling it 'highly irre- sponsible messaging', which will only increase prices for everyone else.
06 | Metrics Monthly
Q3 | 2022
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